Can foreign property buyers apply for a housing loan in Singapore?

December 23, 2016 Singapore

Guidelines for foreign property buyers application for housing loan | Singapore Property | Yazhou PropertySingapore properties in a peaceful neighbourhood

Singapore’s continuing economic growth, convenient and reliable transport system, and low crime rate are just some of the factors causing the influx of foreigners wanting to live and buy property in this country. According to 2014 Singapore government statistics, out of the 5.6 million population in Singapore, 1.32 million are foreign workers.

The growing number of expatriates moving to Singapore means higher demand for real estate. This helps the Singapore property market to progress as property developers in Singapore continue to build more condos and apartments as real estate investments of foreign buyers.

With the high Singapore property prices, foreigners usually seek financial assistance before purchasing their house or condo. Read on as we share with you the guidelines for foreigners wanting to apply for a housing loan in Singapore.

How to apply for a housing loan as a foreign property buyer  

A number of banks and financial institutions in Singapore offer housing loans not only to local citizens and permanent residents of Singapore but to foreigners who work and live in the country with valid work permits. The process of applying for a housing loan is the same for citizens and foreign workers, though some banks or financial institute’s eligibility criteria may differ from one another and some may demand a higher income rate for foreigners. However, lenders do not offer HDB housing loans to foreigners as they are not eligible to purchase properties from the Housing Development Board in Singapore.

A list of banks that lend housing loans:

Bank of China
ANZ Bank
Standard Chartered
State Bank of India


For a foreign worker wanting to apply for a housing loan in Singapore, one must have a high annual income. Moreover, a valid work permit that should not expire in less than a year is also required. Aside from these basic criteria, some lender’s eligibility criteria differ from one another. A lender will review your history and complete financial profile to determine your application’s approval.

Documents required

 Documents a foreigner must submit when applying for a housing loan includes the following:

  • Photocopies of passport
  • Loan application form (duly filled) which can be downloaded from the lender’s website
  • Income proof documents (latest bank statements, latest pay slips, employment letter, etc)
  • If self-employed, submit Income Tax Notice Assessment for the last 2 years along with income proof and latest bank statements
  • Copy of Sales and Purchase Agreement or Option to Purchase of the property

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